Professional Documents
Culture Documents
Ifrs Psak Comparison 2013 PDF
Ifrs Psak Comparison 2013 PDF
com/id
August 2013
This publication provides a summary of the key
differences between the Indonesian Financial
Accounting Standards (IFAS or PSAK) and the
International Financial Reporting Standards (IFRS)
that are required for annual reporting periods
beginning on 1 January 2013.
Eddy Rintis
Assurance Leader
KAP Tanudiredja,Wibisana & Rekan (PwC)
August 2013
Below are the key comparisons between the PSAK and the IFRS2/IAS required for annual
reporting periods beginning on 1 January 2013.
There is a difference in
measuring non-controlling
interests where IFRS 3 provides
clearer requirements (on
present ownership interests
and entitle their holders to
a proportionate share of the
entitys net assets in the event
of liquidation) which reduces
diversity in the application.
2 IFRS in this publication refers to IFRS including IAS, IFRIC and SIC as issued by IASB as
Subsequent to 2009,
there are amendments in
2011 to IFRS 7 and IAS
32 effective for financial
statements beginning on
or after 1 January 2013
and 2014, respectively,
which clarify the right
of set-off, the gross
settlement mechanism,
and further disclosure
requirements (i.e.
quantitative information
about recognised financial
instruments that are
offset in the statement
of financial position, as
well as those recognised
financial instruments
that are subject to
master netting or similar
arrangements irrespective
of whether they are offset).
Refer to other PwC firm
publication A practical
guide to new IFRSs for
2013 for further details.
further clarification on
the scope exemption
to forward contract for
business combination.
Below are the key comparisons between the ISAK and the IFRIC Interpretation
(IFRIC)3 required for annual reporting periods beginning on 1 January 2013.
3 IFRIC in this publication refers to IFRIC including SIC as issued by IASB as of 1 January
PSAK 44 regulates
specific provisions
with regard to revenue
recognition of different
types of real estate
development, cost
components, allowance
allocation and
disclosures.
IFRIC 15 however is a
broader interpretation
of the accounting for
revenue and associated
expenses by entities
that undertake the
construction of real
estate directly or
through subcontractors.
IFRIC 15 addresses
whether the agreement
falls within the scope
of IAS 11 (Construction
Contracts) or IAS 18
(Revenue) and when
the revenue from
the construction of
real estate should be
recognised.
4 On July 2013, DSAK-IAI has issued new ISAKs which are ISAK 27 and ISAK 28 and will
be effectively applied for period beginning on or after 1 January 2014. Those standards are
adopted from IFRIC 18 and IFRIC 19. Please refer to PwC firm publication A practical guide
to new PSAKs for 2014 for further detail.
18 IFRS and PSAK differences 2012
IFRIC / SIC ISAK Differences
IFRIC 20 Stripping costs in No equivalent IFRIC 20 has not been
the production interpretation adopted in Indonesia.
phase of a surface under PSAK5. For IFRS reporters, it is
mine effective from 1 January
2013.
5 On July 2013, DSAK-IAI has issued new ISAK which is ISAK 29 and will be effectively
applied for period beginning on or after 1 January 2014. The standard is adopted from
IFRIC 20. Please refer to PwC firm publication A practical guide to new PSAKs for 2014
for further detail.
IFRIC / SIC ISAK Differences
SIC-27 Evaluating the ISAK 24 Evaluating the ISAK 24 is consistent
Substance of Substance of with SIC 27 in all
Transactions Transactions significant respects.
Involving the Legal Involving the Legal
Form of a Lease Form of a Lease
SIC-29 Service Concession ISAK 22 Service Concession ISAK 22 is consistent
Arrangements: Arrangements: with SIC 29 in all
Disclosures Disclosures significant respects.
SIC-31 Revenue-Barter No equivalent SIC-31 is not adopted.
Transactions interpretation
Involving under PSAK.
Advertising
Services
SIC-32 Intangible Assets- ISAK 14 Intangible Assets- ISAK 14 is consistent
Web Site Costs Web Site Costs with SIC 32 in all
significant respects.
There are other specific PSAKs that have no equivalent standards under IFRS i.e.:
The objective of this standard is to specify the accounting for restructuring under
common control entities which has not been covered by PSAK 22 Business
Combinations.
PSAK 45: Pelaporan Keuangan Entitas Nirlaba / Financial Reporting for Non-
Profit Organisations
The objective of this standard is to specify the financial reporting for non-profit
organisations.
Marcel Irawan
+62 21 528 90486
marcel.irawan@id.pwc.com
Jumadi Anggana
+62 21 528 90990
jumadi.anggana@id.pwc.com
Jasmin Maranan
+62 21 528 90619
jasmin.maranan@id.pwc.com
Ketty Tedja
+62 21 528 90839
ketty.tedja@id.pwc.com
Helen Cuizon
+62 21 528 91463
helen.cuizon@id.pwc.com
This content is for general information purposes only, and should not be used as a substitute for
consultation with professional advisors.
2013 KAP Tanudiredja, Wibisana & Rekan. All rights reserved. PwC refers to the Indonesia member
firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity.
Please see www.pwc.com/structure for further details.